LEGAZPI, Albay — Expanding the “cashless revolution” farther into the countryside, mobile money operator PayMaya has struck a partnership with regional mall operator LCC to bring cashless payment to Bicolandia.
Bicol residents can now buy their EMV-powered PayMaya cards and “Add Money” to their PayMaya accounts at LCC (Liberty Commercial Center), which operates the largest network of malls, supermarkets, and department store chains in the entire Bicol region.
Additionally, PayMaya QR — which allows shoppers to pay for their purchases by simply scanning the QR code displayed in the cashier area — is now also available initially at more than 70 branches of LCC Department Store, LCC Supermarket, LCC Market Savers, LCC Market Plus, LCC Store Plus, and LCC Expressmart all around the Bicol province.
“We’re proud to be leading the charge toward a ?Cashless Bicol? with the introduction of PayMaya in our stores, the first mobile-based QR payment system to be available for consumers in the Bicol region. We know that this will bring a better and more convenient experience to our customers and help encourage more digital transactions within the region,” said Christian Tan, VP for operations at LCC Supermarket.
Tan, a third-generation member of the family that owns LCC, said the cashless initiative will not only bring convenience to the mall’s operations but will also provide savings to the company as this will eliminate cost associated with cash handling such as the hiring of security personnel.
“We congratulate our partners at LCC for being trailblazers in pushing for digital payments within their stores. With partners like LCC, we can all help achieve the government’s target of 20% of transactions going digital by the year 2020, especially as more cashless communities like Bicol go onboard with this mission all around the country,” Orlando B. Vea, president and CEO of PayMaya Philippines, said in a statement. PayMaya is the digital financial arm of PLDT and Smart’s Voyager Innovations.
To attract first-time users of PayMaya in Bicol, those who will use their PayMaya card or PayMaya QR to pay in LCC branches from May 16 to August 15, 2018 will get 25% cashback on their purchases — with a maximum discount of P500 per LCC store format — per day.
The launch of PayMaya in Bicol through LCC is part of the company’s efforts to build a “Cashless Philippines” by enabling consumers and merchants in various areas of the country to pay and accept payments using only their mobile phones.
Bicol, in particular, plays a crucial part in this effort given the growth of its regional economy fueled by domestic tourism over the past several years.
Despite this, five out of six provinces in the Bicol region belong to the Low Access to Medium Access Provinces in terms of access to formal financial institutions, according to the 2017-2018 Inclusive Digital Finance Report by FinTQ, the financial technology arm of Voyager.
This means that many Bicolanos do not have a bank account and they are not able to enjoy the benefits of financial services such as loans, insurance, and other financial instruments.
“PayMaya is the easiest way for Bicolanos to have their own financial account and be able to transact — whether it’s online through the virtual card in-app or offline through PayMaya QR or the PayMaya card. Bringing these closer to them means they now have greater access to financial services they can use not just in Bicol, but nationwide and around the world as well,” explained Paolo Azzola, COO and managing director at PayMaya Philippines.
To set up an account, users only need to download the PayMaya app from the Google Play Store or the Apple App Store and sign up for an account using their mobile number — whether Smart or Globe. They can Add Money to their PayMaya accounts through LCC Business Centers or through various outlets including Smart Padala centers, 7-Eleven Outlets, Touchpay Kiosks, UnionBank ATMs, Shopwise, Wellcome, 2Go, ExpressPay, Cebuana Lhuillier, Palawan Pawnshop branches, Smart Padala centers, BDO, UnionBank Online, RCBC Online Banking, and financial institutions that are part of InstaPay, among many others.
Once they have added money to their accounts, they may now use their PayMaya app to pay bills, buy prepaid mobile load from all local networks, shop online using the virtual card or pay for items in-store using PayMaya QR.
Should they decide to do so, they may also withdraw the funds by linking a physical PayMaya card in the app and using it in Bancnet ATMs nationwide.